Why you should buy a home now and not wait

Are you are looking to buy a home this year or maybe next year, whether you do it now or later this year or next, you will get a great deal with homes prices so low and interest rates low! This has never been seen before in the real estate market . There are plenty of homes to choose from. If you see a house you like, don't wait, make an offer! History says that homes do appreciate over time.  Even if they didn't, you would still need a place to call home and not to mention that you can write off the interest paid every year on your mortgage. Now that is another reason to consider buying a home now. You will be glad you did.

Buying a home can be a stressful time, but don't let that scare you, as that is why you would have me as your buyers agent. It's always a great time to buy the home that you love.  Please call me if I can help you buy that dream home!

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If you are looking to buy a home this year, you've made a great choice! Interest rates are at an all time low. If you qualify now, why not buy now?  Did you know that this is a rare time in our lives that home ownership in many cases, is less than rent!!!  And don't forget about the nice tax deduction of all the interest paid yearly. 

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Here are 7 reasons why now is the time to buy a home;

1. Homes have never been more affordable;
2. Mortgage rates are at rock bottom and won’t stay here forever;
3. Prices are trending back up;
4. Sellers are motivated;
5. Lenders are back in the game!!!;
6. Ownership costs are dropping below rental costs!!!!;
7. Home ownership remains at the core of the American Dream and always will!!!

Your Local Realtor;  MaryAnn Dempsey, C.D.P.E.

mdempsey@kw.com

(508) 952-0172    (Cell)

(888) 284-2991    (Fax)

www.maryanndempsey.net

WHAT IS A SHORT SALE?

Question: What is a short sale?

Simply put, a Short Sale is used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what is owed (AKA “Short Sale”). Basically, the bank is agreeing to take less money for what is owed on the loan.

Question: Would I qualify for a Short Sale?

Yes. Contrary to popular belief, it is not difficult to qualify for a Short Sale. A good Short Sale candidate has no equity in their home. They are not able to sell their home and pay off all of the outstanding loans/debt that are secured against their property. If you owe more against your home than it is currently worth and want or need to sell it but can’t or won’t bring cash to closing to make up the difference between what you owe and what your home is worth, then you are a prime candidate.

Question: Is doing a Short Sale right for me?

We would like to say: “Yes!” But the truth is, short selling their home isn’t the right move for everybody. Here are a couple of important signs that can help you determine if doing a short sale is right for you:

• You are behind on your mortgage payment and are unable to keep up with all of your monthly obligations. Some of the reasons for falling behind on your mortgage payment may include sudden change in monthly household income, loss of job, divorce, and more.
• You are NOT behind on your monthly mortgage payment but know that you will soon be unable to keep up with all of your monthly obligations and therefore in the near future will not be able to afford to keep your home.
• You are NOT behind on your monthly mortgage payment but need or want to move. Reasons could include a job transfer, a health reason, retirement, and more.
• You are NOT behind on your monthly mortgage payment and have come to the decision that staying in your home is not a good “business decision” or “financial decision.”

If you match any of these scenarios then doing a short sale could be the perfect solution.

Question: Why would the bank agree to a short sale?

With foreclosures on the rise banks are looking for any way they can to decrease the amount of loss due to these foreclosures. Basically, it is much more cost effective for a bank to do a short sale rather than a foreclosure.

Banks are in the business of owning real estate and collecting monthly mortgage payments, so a bank will take a minor loss in a short sale to start that payment cycle again. The truth of the matter is that a bank can minimize their loss by 10%, 20% even 30% in a short sale over a foreclosure.